Wall Street s GameStop bug may have mutated; silver surges - Medicine Hat NewsMedicine Hat News medicinehatnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medicinehatnews.com Daily Mail and Mail on Sunday newspapers.
Silver is the new GameStop: Price boosted by Reddit’s ‘WallStreetBets’ online
Updated Feb 01, 2021;
Posted Feb 01, 2021
FILE - In this file photo dated Wednesday, May 9, 2007, Silver bullion, bars weighing five kilograms each, are displayed in the trading room of the stock exchange in Frankfurt, Germany. Silver futures jumped more than 10% on Monday Feb. 1, 2021, following strong gains over the weekend.AP Photo/Michael Probst, FILE
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NEW YORK (AP) The erratic trading in shares of underdog companies like GameStop that turned markets combustible last week appears to have migrated to commodities, sending silver prices surging to an eight-year high.
Silver futures jumped almost 12% on Monday to over $30 per ounce following strong gains over the weekend. That exuberance spread to companies that mine precious metals, especially silver. Shares of Pan American Silver surged more than 16%, First Majestic Silver rose 25%, Hecla Mining spiked 41%, and Coeur Mining
Silver futures rose 8% to at $29.06 an ounce, marking the largest one-day pop in silver on NYMEX since at least 2013. The contracts traded 11% higher at $30.35 an ounce earlier in the day, the highest level since Feb. 15, 2013.
The move higher extended gains for silver and silver-related equities late last week. The iShares Silver Trust, an ETF that retail investors can easily buy that seeks to track the price of silver, rose 8.1% on Monday after popping 6% last week.
Silver mining stocks Coeur Mining and Pan American Silver surged 23.1% and 12.1% respectively on Monday. The two rose 16.9% and 14.7%, respectively, on Thursday and Friday.
The spike in demand for silver appears to be related to retail traders in the Reddit forum WallStreetBets, which has helped drive trading activity in heavily shorted stocks like GameStop and AMC Entertainment in recent weeks.
Silver Miners Hecla, Wheaton Surge on Retail Investor Demand for Metal
Hecla, Pan American, Wheaton and other precious-metals companies soar as retail investors drive up silver prices.
Author:
Shares of Hecla Mining (
WPM) - Get Report and other minerals companies were surging on Monday as retail investors drove silver prices to their highest level since 2013.
Shares of Hecla at last check were up 35%, Pan American Silver was up 14%, and Wheaton Precious Metals was up 6.8%.
The weekend silver buying binge reportedly overwhelmed online sellers of silver coins and bars. See the hashtag #silvershortsqueeze. I am going to get the change out of my couch and start buying anything #Silver#silvershortsqueeze, one commenter said on Twitter. Wow, silver short squeeze has its own hashtag.